About Texas Property Tax Loans and Rates
You know what they say about the Lone Star State: “Everything’s bigger in Texas!” This definitely rings true for the state’s property taxes. In fact, compared to other parts of the U.S, Texas property taxes are typically larger than other states. This is mostly because residents in Texas don’t pay their own individual income taxes. The current average effective property tax for the whole state sits at about 1.87%.
Although Texas property taxes are notoriously high, you may reside in a county whose rate is less than the state average. For example, when you look at five of the lowest property tax rates in Texas, you can see that areas like Borden County only have an average effective property tax rate of 0.34%. You may also live somewhere where you have to pay the highest property taxes in Texas (such as towns with levies or ordinances in place); these counties may include Tarrant County (2.16%), Fort Bend County (2.23%) and Harris County (2.09%). Regardless of where you live and how much you must pay on a property tax, loans will come in handy if needed. This is because loans cover the entire tax bill and grant you more leeway to pay back any amount you owe a lender.
When to Consider Property Tax Loans
Once you receive your tax bill (which could come as early as October), you’ll have by January 31st of the following year to pay off your property taxes. This is the due date for all Texas property taxes. On February 1st, you’ll immediately incur a penalty and interest fee of 7% which is added to your total tax bill.
If you believe that you cannot pay this amount by the deadline, property tax financing may be necessary. But, are property tax loans a good idea? Here are three reasons to consider reaching out to our property tax lenders:
- You want to prevent a Texas property tax lien from being placed on your property which can cause foreclosure.
- You want to avoid racking up fees associated with delinquent taxes.
- You need more time to pay off your tax bill.
What Happens if You Don’t Pay Texas Property Tax Bills?
As we mentioned, Texas property taxes are due no later than January 31st before additional charges are stacked onto the total amount owed. Unfortunately, though, these extra penalties don’t just stop on February 1st; delinquent Texas tax fees will gradually rise as each month passes. If you still haven’t paid your Texas property tax bill by July 1st, you’ll then have to pay your bill, the fees added up between February and July and an additional 20% as a collection fee. Not only that, but your property will then receive a tax lien and be subjected to potential foreclosure if you continue to neglect payment.
Services Provided by Tax Ease Texas Property Tax Lenders
If you’re stuck with an overwhelming bill from your property tax, lenders from Tax Ease are here to help. We offer two types of services: commercial tax loans and residential property tax loans. Texas residents from all over can take advantage of these services to ensure that their mortgage is fully covered during tax season.
How to Apply for Texas Property Tax Loans
When you’re ready to seek out property tax lenders in Texas, make Tax Ease your first and only place to look. Here’s how our simple application checklist looks:
- 1. You’ll first complete a loan application online.
- 2. Our team will review your crucial information.
- 3. We’ll analyze your budget and offer a flexible payment plan with a low interest rate.
- 4. We’ll complete the loan agreement and pay off the full property tax bill (plus any delinquent fees).